News Summary: June 29 – July 6
California repeals law, allows Bitcoin. California legislation passes a bill allowing the use of digital currencies such as Bitcoin! Saturday, Jerry Brown signed this monumental bill, lifting the previous ban on cryptocurrrencies in California. This may have also impacted Bitcoin prices, with prices know around $650, and volume transactions peaking at $50 million for 24 hours. The original law, stating that anything besides the use of US currency is prohibited was outdated, technically even making rewards points illegal. Newegg accepts Bitcoin, through partnership with Bitpay! This has....
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Mexico may become the first country to have their currency integrated into the Blockchain. This shows how quickly peoples mind can change, as this follows a central bank statement in March about how Bitcoin can be risky, and potential drawbacks and limitations of it when it comes to being used as a substitution for legal tender. One of the driving factors of this change of heart is I believe, the remittance market. With Mexico being the fourth largest remittance service, plenty of money is made when it comes to sending money. This also means plenty of money could be saved, by using Bitcoin....
Cryptocurrency supporters all around the world are celebrating the fact that today is the 12th anniversary of the Bitcoin white paper, a summary of the invention created by the pseudonymous inventor Satoshi Nakamoto. Bitcoin’s inventor published the paper on metzdowd.com’s Cryptography Mailing list and ever since then, the financial world hasn’t been the same. 12 years ago, Satoshi Nakamoto decided to let the world in on Bitcoin, the peer-to-peer electronic cash system that took the world by storm. The very first time Nakamoto published the paper was at 2:10 p.m. Eastern....
Greg Foss takes a deep look at the conditions surrounding the global credit market in this executive summary.
On Monday afternoon, Judge Beth Bloom, from the District Court of Florida, denied Craig Wright’s summary judgment and the infamous billion-dollar bitcoin lawsuit will go to trial in January. The court published a 93-page decision on the matter, as Judge Bloom detailed that “a genuine dispute of material fact exists” for a number of the complaints. Since Valentine’s Day in 2018, Craig Wright, the Australian who claims he invented Bitcoin, has been involved in a billion-dollar lawsuit. The case concerns the rightful ownership of an alleged 1.1 million BTC worth....
Bitcoin prices experienced some notable price fluctuations in July, pushing higher as anticipation surrounding the halving drove bullish sentiment. In spite of ups and downs over the 30-day period, bitcoin volatility fell significantly in July. By the end of July, 30-day realized volatility had declined to 27%, compared to 30% at the end of June. Arthur Hayes, CEO of leveraged trading platform BitMEX, said that the decline in this key metric likely had both positive and negative effects on the market. Hayes told CoinDesk: "When volatility falls, so does trader interest and that takes....